Australia’s securities commission removed about 8% of fake websites in 2023 that focused solely on Bitcoin investments.
In a report released on the first anniversary of its program to disrupt investment scams, the Australian Securities & Investments Commission announced the eradication of thousands of phishing and investment fraud websites.
ASIC stated in a press statement on August 19 that it had coordinated the removal of almost 7,300 phishing websites since July 2023.
Of these, 5,530 were fraudulent investment platforms, 1,065 were linked to phishing scams, and 615 were scams involving cryptocurrency investments.
According to the press release, investment scams are the most common fraud category affecting Australians, with losses reaching $1.3 billion in 2023 alone.
ASIC stressed that customers should exercise caution, especially when clicking on social media links encouraging cryptocurrency investments and online trading. ASIC Deputy Chair Sarah Court stated:Â
Every day an average of 20 investment scam websites are taken down. The quick removal of malicious websites is an important step to stop criminal scammers from causing further harm to Australians.”
ASIC blamed the widespread use of deepfake videos and fake news pieces featuring well-known people advocating phoney online investment platforms, particularly on social media, for the phishing activity.
According to the press release, these fraudulent platforms make up the majority of the websites that ASIC has targeted.
Early in August, the Australian Federal Police said that, in collaboration with Chainalysis, it had located more than 2,000 Australians’ corrupted cryptocurrency wallets.
Exchanges, including BTC Markets, Binance, and Crypto.com, worked with authorities to identify and support Australian victims, preventing future losses—even if it’s unclear if any of the stolen assets were recovered.
Since May 2021, malevolent actors have used phishing assaults to steal almost $4 billion in cryptocurrency, according to the police.
